AlphaQuest LLC Sells 34,905 Shares of Adeia Inc. (NASDAQ:ADEA)

AlphaQuest LLC cut its holdings in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 89.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,949 shares of the company's stock after selling 34,905 shares during the quarter. AlphaQuest LLC's holdings in Adeia were worth $55,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ADEA. Raymond James Financial Inc. acquired a new stake in Adeia during the fourth quarter worth about $2,470,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Adeia by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 995,908 shares of the company's stock worth $13,923,000 after purchasing an additional 30,485 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of Adeia during the 4th quarter worth approximately $423,000. Bank of New York Mellon Corp increased its position in shares of Adeia by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 1,124,075 shares of the company's stock valued at $15,715,000 after purchasing an additional 13,619 shares during the period. Finally, Handelsbanken Fonder AB raised its stake in shares of Adeia by 20.6% in the fourth quarter. Handelsbanken Fonder AB now owns 22,800 shares of the company's stock valued at $319,000 after purchasing an additional 3,900 shares in the last quarter. Institutional investors and hedge funds own 97.36% of the company's stock.

Adeia Price Performance

Shares of NASDAQ ADEA traded up $0.24 during midday trading on Monday, reaching $13.88. 646,946 shares of the company traded hands, compared to its average volume of 493,194. The stock's 50-day simple moving average is $13.93 and its 200-day simple moving average is $13.07. The company has a debt-to-equity ratio of 1.15, a quick ratio of 3.53 and a current ratio of 3.53. Adeia Inc. has a 12 month low of $9.68 and a 12 month high of $17.46. The firm has a market cap of $1.49 billion, a PE ratio of 24.35 and a beta of 1.44.

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Adeia (NASDAQ:ADEA - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 EPS for the quarter, meeting analysts' consensus estimates of $0.42. The firm had revenue of $119.17 million for the quarter, compared to analyst estimates of $114.22 million. Adeia had a net margin of 17.19% and a return on equity of 32.81%. During the same period in the previous year, the business earned $0.27 earnings per share. As a group, equities analysts anticipate that Adeia Inc. will post 1.09 earnings per share for the current fiscal year.

Adeia Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.20 dividend on an annualized basis and a yield of 1.44%. Adeia's dividend payout ratio (DPR) is presently 35.09%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ADEA shares. Maxim Group boosted their price target on shares of Adeia from $15.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. BWS Financial upped their target price on shares of Adeia from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities restated a "buy" rating and set a $20.00 price target on shares of Adeia in a research note on Friday, February 28th.

Adeia Profile

Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company in the United States, Canada, Asia, Europe, the Middle East, and internationally. The company licenses its patent portfolios across various markets, including multichannel video programming distributors comprising cable, satellite, and telecommunications television providers that aggregate and distribute linear content over networks, as well as television providers that aggregate and stream linear content over broadband networks; over-the-top video service providers and social media companies, such as subscription video-on-demand and advertising-supported streaming service providers, as well as content providers, networks, and media companies.